CNOOC Limited (SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) announces today that it has achieved a major exploration breakthrough in ultra-shallow gas play in ultra-deep water South China Sea.
Lingshui 36-1 gas field is located in western South China Sea, with an average water depth of approximately 1,500 meters. The main gas-bearing play is the Ledong Formation of Quaternary, with an average burial depth of 210 meters. The field has been tested to produce over 10 million cubic meters per day of open flow natural gas.
Mr. Xu Changgui, Deputy Chief Exploration Officer of the Company, said, "The exploration in ultra-deep water ultra-shallow gas plays in the South China Sea is faced with world-class engineering and technical challenges. The successful testing of Lingshui 36-1 is a breakthrough for the exploration in such plays. The Company will continue to tackle the challenges on the exploration and development of the resources in such plays, to expedite the utilization of natural gas in deep waters."
Mr. Zhou Xinhuai, CEO and President of the Company, said, "South China Sea has been a major region for the Company to boost natural gas reserves and production. The successful testing of Lingshui 36-1 further expands the resource base for the development of a trillion-cubic-meters gas region in South China Sea. CNOOC Limited will continue to step up exploration and development of hydrocarbon resources in South China Sea and to enhance our capacity of energy supply."